Network Appliance Announces Results for Third Quarter Fiscal Year 2007
biz.yahoo.com
Wednesday February 14, 4:13 pm ET
Achieves 36% Year-over-Year Revenue Growth
SUNNYVALE, Calif.--(BUSINESS WIRE)--Network Appliance, Inc. (NASDAQ:NTAP), the leader in advanced networked storage solutions, today reported results for the third quarter of fiscal year 2007. Revenues for the third fiscal quarter were $729.3 million, an increase of 36% compared to revenues of $537.0 million for the same period a year ago and an increase of 12% compared to $652.5 million in the prior quarter.
For the third fiscal quarter, GAAP net income was $66.5 million, or $0.17 per share(1)compared to GAAP net income of $76.4 million, or $0.20 per share for the same period in the prior year. Non-GAAP(2) net income for the third fiscal quarter increased 31% to $111.1 million, or $0.29 per share, compared to non-GAAP net income of $84.7 million, or $0.22 per share for the same period a year ago.
Revenues for the first nine months of the current fiscal year totaled $2.0 billion, compared to revenues of $1.47 billion for the first nine months of the prior year, an increase of 36% year over year.
For the first nine months of the current fiscal year, GAAP net income totaled $208.1 million, or $0.53 per share, compared with GAAP net income of $207.2 million, or $0.54 per share for the same period in the prior year. Non-GAAP net income for the first nine months of the current fiscal year totaled $316.5 million, or $0.81 per share, compared to non-GAAP net income of $226 million, or $0.58 per share for the first nine months of the prior fiscal year.
"Our third quarter performance again demonstrates that customers increasingly understand the NetApp data management value proposition," said Dan Warmenhoven, chief executive officer. "With revenues up 36% over Q3 of last year, and 100 petabytes of storage shipped during the quarter, NetApp is quickly becoming the vendor of choice for enterprise customers' storage and data management needs."
Outlook
* Network Appliance estimates that sequential growth in revenue for the fourth quarter of fiscal year 2007 will be in the range of 8% to 10%, which translates to 32% to 34% growth year over year.
* Including the implementation of SFAS123® and with current information and assumptions, the company expects fourth quarter GAAP earnings per share to finish between $0.19 and $0.20 per share. Network Appliance expects fourth quarter non-GAAP earnings to round to $0.30 per share.
* For the full fiscal year 2007, Network Appliance estimates that revenues will finish in the range of 35% to 36% higher than fiscal year 2006.
* Including the implementation of SFAS123® and with current information and assumptions, the company expects GAAP earnings per share for fiscal year 2007 to be about $0.73 per share. Network Appliance estimates full-year non-GAAP earnings per share will finish between $1.11 to $1.12 per share. |
